The LACGH Foundation welcomes the opportunity to collaborate with Donors and their Financial Advisors. Philanthropy can be a considered element to a well rounded financial plan. Strategies can be explored to reduce tax liabilities through current giving and the wish to leave a future legacy gift. Below are some informational resources to help you with your journey.
CRA’s Gifts and Income Tax:
Guide to claiming charitable tax gifts:
A cash donation of $10,000 from an individual donor in Ontario will generate a tax credit of 40.16 to 44.16% donation tax credit which will save $4,401 to $4,416 in taxes depending on the donor’s income. Note provincial surtaxes (if applicable) are also reduced by the donation tax credit thus further increasing the donor’s tax savings.
Legacy wording for your will: